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On AUD/USD we see evidences of a temporary low in place after five waves down in black wave 3. We know that after every five waves, a correction follows, so we think that the current sideways price action represents a wave 4 pull-back that should be sub-divided by three legs.

As such, we think that a corrective, temporary rally is incomplete and that pair may test 0.9830/0.9890 resistance area in this week before new sell-off occurs.

Traders, who want to join the larger trend should wait on completed wave four first and then look for short opportunities.

AUD USD Elliott Technical Analysis May 27 2013 currency trading the Australian dollar Aussie

If you want to know more about AUDUSD and long-term USD view then   make sure to check one of our past video analysis published below the chart.